Deadline for Assets Declaration Scheme extended to July 3

Deadline for Assets Declaration Scheme extended to July 3
Islamabad: Deadline for Assets Declaration Scheme has been extended to July 3, GNN reported.

Addressing a presser here, Special Advisor to Prime Minister on Finance Hafeez Shaikh warned that those who won’t benefit from scheme will face stern action under benami property law.

Shaikh was accompanied by Minister of State for Revenue Hammad Azhar and Chairman of Federal Board of Revenue (FBR) Shabbar Zaidi.

Shaikh went on to say that federal government intends to earn commission from assets declaration scheme. He added that government has constituted a commission on issue of benami properties. The advisor urged overseas Pakistanis tobenefit from the scheme while adding that the scheme was in the last phase.

Replying to a question, Shaikh termed vast difference between exports and imports for devaluation of rupee against the greenback.

On austerity measures, the advisor added that government has decreased its expenditures by 50pc. He added that economic outlook won’t get better until tax net is expanded.

Shaikh seemed confidence over achieving revenue target for Fiscal Year 2019-20.

The government announced a five percent reward for those sharing information about people hiding their assets.

Federal Cabinet had approved the Tax Amnesty Scheme on May 14.